JOHANNESBURG - The rand remained on the front foot during yesterday’s European session, despite stumbling briefly during mid-day trading according to NKC Research.
The South African currency benefited from a somewhat softer greenback, while a strong showing in November’s retail sales provided further support to the rand. At the close of local trade, the rand was unchanged at R13.70/$, after trading in the range of R13.65/$ - R13.76/$. The rand traded slightly weaker overnight. Expected range today R13.60/$ - R13.85/$.
South African bourse
The JSE All Share (+0.5 percent) ended higher yesterday led by gains in large industrial (+1.2 percent) and retail (+0.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.4 percent) traded higher. In local news, mining shares such as Harmony (-3.7 percent) and Kumba Iron Ore (-2.6 percent) were left reeling from Tuesday’s disappointing mining production figures for November.
Brent crude oil
The Brent oil price traded eased yesterday, supported by OPEC-led supply cuts but dragged by concerns of a global economic slowdown. At the close of local trade, the Brent oil price quoted 0.20 percent higher at $60.82/pb. Crude prices ticked higher during Asian trade this morning.
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